Betty asks…
do all the financial aid you’re eligible for start by filling out the FAFSA?
Is the FAFSA all I need to fill out for financial aid (grants, federal loans, etc.) that isn’t scholarships/private loans? Is the money from the state or the federal gov, or both?
Michelle answers:
The FAFSA is usually all you will need (except as you noted for scholarships and private loans). Guaranteed student loans will need more paperwork later, but your financial aid office should notify you, or you can check with them. Based on the FAFSA results, your school determines what sources of money are available to you. This includes the Pell Grant, any state grants, any in-house grants from your college, work-study, and student loans. Some schools will also use it to determine eligibility for some scholarships as well. Check for details with your financial aid office.
David asks…
How long before I receive a response from FAFSA ?
I just submitted my FAFSA today. And the status is processing and EFC is 0.
When will I receive an approval letter?
When do I receive my refund check?
Thanks in advance!
Michelle answers:
Submitting your fafsa is just the first step in a long process. You are a long way from getting any money. It can take up to 8 weeks or more if you don’t turn in other things the school may ask for…. But….
First, to answer your main question, usually excess funds from financial aid are not given out until a few weeks AFTER the semester starts. Sometimes they aren’t issued at all (if your school is very expensive, for example and you don’t get enough aid to cover everything). Sometimes the money is issued much later in the semester.. In the case where someone submitted their fafsa late. Like today, for a semester that had already started.
Your schools on your fafsa will get your FAFSA information electronically. Then they will start a fin aid file on you. Most likely they will need extra documents from you. Until you get your file complete, they will not issue you an “Award Letter”. This Award Letter details all the different kinds of aid you are being offered and the amounts. Award letters are just now being sent out for those who are going to start school in the fall of 09 for those who submitted their fafsa’s in Feb… So your school may not be ready to send them out yet. Some school send out award letters via email… Some snail mail… And others will direct you to a location on their website and have you log in to view and accept your loans and grants.
Hope this helps.
William asks…
How do colleges verify FAFSA application EFC?
Do they check the parents tax returns to see if they match up with FAFSA application and efc score? I mean if that’s the case couldn’t someone just use a fake tax return? I mean seriously how would they know. I personally think the government needs a new financial aid system.
Michelle answers:
They share databases with the Social Security Administration, Selective Service, ICE, etc.
From their own site:
“The most common errors on the FAFSA involve the answers to questions involving Adjusted Gross Income (AGI), total income tax, Social Security Number (database mismatch with name or date of birth), marital status, and the Worksheets.”
Chris asks…
Where does my father have to electronically sign the FAFSA?
I have already completed the FAFSA, but on my Student Aid Report, it says that he has not signed it yet. The problem is it has already been processed and I am having a hard time trying to go back to where he can put in his pin. I have already tried the “Make corrections” on the website but their is no place for his pin.
Michelle answers:
Go to http://fafsa.ed.gov and click under:
STEP TWO “Sign Electonically with your PIN”
This is where he signs. “Signing” is not a correction to be made.
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